Download - The Marketing Concept
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The Marketing Concept
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The Basic Idea
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To Market to Market
Break It Down
Make a Plan
Whatever
![Page 3: The Marketing Concept](https://reader036.vdocuments.mx/reader036/viewer/2022081604/56816890550346895ddf1996/html5/thumbnails/3.jpg)
Question: The ______ states that businesses must do certain things in order to make a profit.
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Topic 1 for 1
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Answer: marketing concept
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Question: The marketing concept states that businesses must do what in order to make a profit?
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Answer: satisfy customers wants and needs
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Question: _________ buy the product.
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Answer: customers
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Question: Who uses the product?
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Answer: consumers
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Question: A market is________.
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Answer: All the potential customers that have common wants and needs and are willing and able to buy.
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Question: The word market has two definitions. The second one describes it as __________.
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Topic 2 for 1
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Answer: Total sales of a product category. Ex: soft drink market.
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Topic 2 for 1
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Question: What is target marketing?
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Answer: Focusing all marketing decisions on a very specific group of people you want to reach.
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Question: Companies develop a ________ ________ in order to identify their target market.
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Topic 2 for 3
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Answer: customer profile
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Question: What is the process of companies investigating and gathering information about their potential target market called?
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Answer: market research
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Question: What are 2 methods of market research that you are familiar with from class?
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Answer: surveys and questionnaires
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Topic 2 for 5
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Question: Analyzing a market by specific characteristics in order to create a target market is called _______.
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Topic 3 for 1
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Answer: market segmentation
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Topic 3 for 1
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Question: What are the four ways to segment a market?
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Answer: demographics, psychographics, geographics and product benefits
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Question: Statistics about the physical characteristics of a population are called ______, and the four main categories are____,____,____ and ____.
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Topic 3 for 3
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Answer: demographics and age, gender, income, ethnic background.
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Topic 3 for 3
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Question: What people value, their attitudes and life-styles are known as _________.
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Answer: psychographics
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Question: What do geographics, demographics, product benefits and psychographics have in common?
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Answer: They are methods to segment a market.
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Topic 3 for 5
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Question: Your strategy for marketing a product is called the ______ _______.
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Topic 4 for 1
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Answer: marketing mix
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Topic 4 for 1
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Question: The marketing mix is known as the _____ _____.
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Topic 4 for 2
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Answer: The four P’s
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Topic 4 for 2
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Question: Name the 4 P’s.
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Answer: product, price, place, promotion
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Topic 4 for 3
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Question: T or F Selecting an appropriate name for a new snack food is a product strategy.
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Answer: true
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Question: Deciding how you will advertise a product is a _______ strategy.
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Answer: promotion
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Topic 4 for 5
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Question: What is disposable income?
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Topic 5 for 1
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Answer: What’s left of the money you’ve earned after taxes.
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Topic 5 for 1
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Question: What is discretionary income?
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Topic 5 for 2
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Answer: What’s left of the money you’ve earned after you have paid for life’s necessities. (Fun Money!)
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Question: Product, price, place and promotion strategies:a. comprise the marketing mixb. are known as the 4 P’sc. Must all be directed at a target market in order to achieve successd. All of the above
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Answer: d
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Question: Baby Boomers were born from _____ to _____ and are the _______ category of consumers.
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Answer: 1948-1964 , the largest category
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Question: Daily Double!The owner of a store decides what items will be carried and how they will be advertised. The manager plans the other two strategies. What are they?
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Topic 5 for 5
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Answer: price and place
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